Will Toncoin (TON) Price Break Above $5?
The price of Toncoin (Ton) has seen a modest increase of 2% in the last 24 hours. Despite the high volatility, the cryptocurrency continues to face pressure that threatens the expected price recovery.
Currently hovering at $4.72, Ton is trying to retest the $5 mark. This on-chain analysis shows that market participants interacting with Telegram's native coin may be responsible for disrupting this upward movement.
Toncoin return
According to data from Santiment, the chain's daily trading volume to profit-loss ratio has reached its highest level since February. This metric tracks the total amount of tokens that have moved in profit or loss.
As it increases, there is more profit to be made. A decline, on the other hand, indicates that market participants are on edge and deciding to HODL.
For Toncoin's price, this sudden rise adds another downside risk, especially since the token has recently shown signs of a sustained rise.
Read more: 6 Best Toncoin Wallets in 2024
Complementary to this view is the Bulls and Bears indicator, which tracks whether 1% of the total volume traded addresses are being bought or sold. Bulls represent addresses that have bought more than 1% of the volume. Bears are selling the same amount.
A higher number of bulls usually indicates the possibility of a price increase, while more bears usually result in an accelerated price decline. In the case of Toncoin, the bearish move over the bulls over the past 24 hours suggests that the recent uptrend is coming to an end.
Price ton forecast: Not yet time for $5.
Toncoin price recently recovered from $4.61. Now trading at $4.90, the altcoin aims to climb above $5. However, the Stochastic Relative Strength Index (RSI) indicates that the experiment may not be fruitful.
Stoch RSI, as it is commonly called, compares the amount of recent gains with losses. This information allows the applicant to determine whether the impulse is over or under and whether the property is overbought or not.
As shown in the image below, the Stoch RSI remains below the neutral line on the daily Toncoin price chart. If this continues, tonne prices could erase some or all of the recent gains. If this is confirmed, Toncoin's price could drop to $4.69.
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Losing this support could drop the price to $4.47. However, tonnage prices may escape this fall if profits decline. If that happens, a ton could gradually rise to $5.25.
Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions. Please note that our terms and conditions, privacy policies and disclaimers have been updated.
